MKF1120 Lecture Notes - Lecture 6: Psychographic, Marketing Mix

• School: Monash University
• Department: Business - Marketing - MKF
• Course: MKF1120
• Professor: Peter Wagstaff

Document Summary

The process by which a market is divided into distinct customer subsets of people with similar needs and characteristics that lead them to respond in similar ways to a product offering and strategic marketing program. Mass marketing 1:1 marketing (cid:858)o(cid:374)e-size-fits-all(cid:859) approa(cid:272)h. custom approach for each customer. Most organisations are somewhere in the middle of the spectrum. Accessibility (can the firm make contact/market towards) the segment?) Responsiveness (are the segments different from each other?) Compatibility (do the fir(cid:373)(cid:859)s stre(cid:374)gths (cid:373)at(cid:272)h the state of the market?) What are the steps in stp: defining the market, segmenting the consumer market in groups of, demographic/social, psychographic, behavioural, benefits sought. Factors to consider: segment size and growth (sales, growth rates, profits, segment structural attractiveness (competitors, substitutes, power of buyers, power of suppliers, company objectives and resources (objectives, resources, strengths, skills, superior value) Determine the position that the brand and its competitors currently occupy in the minds of the customers.